­­­Maha Energy AB (publ)
Strandvägen 5A
SE-114 51 Stockholm
www.mahaenergy.ca

Press release
Stockholm
October 3, 2019

Production Volumes

The Company's aggregate sales production for the month of September totaled 113,7131 barrels of oil and 67.815 million scf of gas for a combined average production of approximately 4,167 BOE/day2, before royalties and taxes.

Brazil production progressively increased during September, as both the gas and oil customers continued with previously announced upgrading and commissioning of their facilities to take more volumes.  The Company is pleased to further confirm that the new Oil Terminal Receiving station at Comboata has now commenced taking oil deliveries from the Tie Field.

Maha Energy holds a 75% working interest in the SES-107 Tartaruga oil and gas concession onshore Brazil.  Petrobras holds the remaining 25% and is non-operator.

1   Subject to minor standard industry adjustments at the time of custody transfer.
2   Barrels of oil equivalent ("BOE") conversion ratio of 6,000 scf: 1 bbl is used.

Adviser

Certified Advisor: FNCA Sweden AB, info@fnca.se, Telephone: +46-8-528 00 399.

For more information, please contact:        

Jonas Lindvall (CEO)
Tel: +1 403 454 7560        
Email: jonas@mahaenergy.ca

or

Ron Panchuk (CCO)
Tel: +1 403 454 7560        
Email: ron@mahaenergy.ca

Miscellaneous   

The information was submitted for publication through the agency of the contact persons set out above on October 3, 2019, at 10:00 p.m. (CET)

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser. The Company's auditors are Deloitte. The Company's predecessor Maha Energy Inc. was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North Sweden stock exchange. Jonas Lindvall, CEO and Managing Director, has 26 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth.  After 6 years at Shell and Talisman, Jonas joined, and helped secure the success of, Tethys Oil AB. Maha's strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates three oil fields, Tartaruga and Tie in Brazil and LAK Ranch, in Wyoming, U.S. For more information, please visit our website www.mahaenergy.ca.

Important Information

Publication or distribution, directly or indirectly, of this press release could in some jurisdictions be subject to restrictions according to law and recipients of this press release, or part of it, are required to inform themselves of, and comply with, such legal restrictions. This press release is not for release, publication or distribution, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa, Switzerland or the United States, or in any other jurisdiction where distribution of this press release could be illegal or subject to legal restrictions. Copies of this press release are not being made and may not be distributed or sent, in whole, or part, directly or indirectly, in violation of such restrictions. Failure to comply with such restrictions may constitute a criminal act under the United States Securities Act of 1933 (as amended) (“Securities Act”) or applicable laws in other jurisdictions.

Attachment

• 2019-10-03 Production Numbers Update

Maha Energy AB (publ)
Strandvägen 5A
SE-114 51 Stockholm
www.mahaenergy.ca

Press release
Stockholm
September 25, 2019

Maha Energy AB (The "Company" or "Maha") Announces Increase to Tie Field Reserves and Government Oil Delivery Approvals

The Company is pleased to provide an updated oil and gas reserve volume report for the Tie Field, onshore Brazil.  Following the recently drilled ‘Attic Well’ (7-Tie-1D-BA) Maha requested its independent engineering consultants, Chapman Petroleum Engineering Ltd., of Calgary, Canada, (“Chapman”) to complete a re-determination of the producible volumes at the Tie Field.
The results are as follows:

1,2   MM = million, STB = Stock Tank Barrels, SCF = Standard Cubic Feet.    Volumes are Net Maha but before Government royalties.

This represents a substantial increase in each category of reserves: 
P Reserves at the Tie Field is up by 14% (0.622 MMSTB)
2P Reserves at the Tie Field is up by 62% (6.631 MMSTB)
3P reserves at the Tie Field is up by 67% (8.320 MMSTB)

These increases are due to seismic remapping of the Tie structure after drilling the Attic Well, where the structure top was encountered significantly deeper than what was earlier prognosticated.  In effect, the structure is now determined to be less steep and aerially larger.

The Chapman report has been completed and calculated in accordance with the standards set out in the Canadian Oil and Gas Evaluation Handbook (COGEH), compliant with the National Instrument NI51-101 standards and the professional practice standard under the Permit to Practice.

Maha Energy AB, through its subsidiaries owns and operates a 100% working interest in the Tie Field onshore the Bahia State Brazil.

Government Approvals
As previously disclosed the Company has agreed to increase oil deliveries to both of its customers for Tie Field production. Petrobras has agreed to receive an additional 750 Barrels of Oil Per Day (BOPD) at a new Receiving Terminal, and the local refinery has agreed to accept up to an additional 800 BOPD.  Both Customers were awaiting certain final Government Departmental approvals before they could commence receiving the additional oil deliveries.

The Company is pleased to confirm that Petrobras have received final clearance to commence receiving up to 750 BOPD of additional oil to the new Receiving Terminal.  The local Refinery is still awaiting final clearance.  As a result of the final approval received by Petrobras, the Company has an outlet for up to 4,050 BOPD.  The Final approval for the local refinery is imminent.

The Company will continue to match increased production to the new receiving capacity as it becomes available.

Jonas Lindvall, CEO of Maha Energy commented: “We are thrilled over the increase in reserve volumes at the Tie Field.  The drilling results of the Attic Well drilled and completed earlier this year yielded a substantial increase in structural area which in turn has led to larger in situ hydrocarbon volumes.”

About reserves

Reserves are estimated remaining quantities of oil and natural gas and related substances anticipated to be recoverable from known accumulations, as of a given date, based on:

• analysis of drilling, geological, geophysical, and engineering data,
• the use of established technology, and
• specified economic conditions, which are generally accepted as being reasonable, and shall be disclosed

Reserves are classified according to the degree of certainty associated with the estimates.
Proved reserves (P90) are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves (1P).

Probable reserves (P50) are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved + probable reserves (2P).

Possible reserves (P10) are those additional reserves that are less certain to be recovered than probable reserves. It is unlikely that the actual remaining quantities recovered will exceed the sum of the estimated proved + probable + possible reserves (3P).

Adviser
Certified Advisor: FNCA Sweden AB, info@fnca.se, Telephone: +46-8-528 00 399.

For more information, please contact:        

Jonas Lindvall (CEO)
Tel: +1 403 454 7560        
Email: jonas@mahaenergy.ca
or

Ron Panchuk (CCO)
Tel: +1 403 454 7560        
Email: ron@mahaenergy.ca

Miscellaneous   

The information was submitted for publication through the agency of the contact persons set out above on September 25, 2019, at 3:00 am CET.

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser. The Company's auditors are Deloitte. The Company's predecessor Maha Energy Inc. was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North Sweden stock exchange. Jonas Lindvall, CEO and Managing Director, has 26 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth.  After 6 years at Shell and Talisman, Jonas joined, and helped secure the success of, Tethys Oil AB. Maha's strategy is to target and to develop underperforming hydrocarbon assets on a global basis. The Company operates three oil fields, Tartaruga and Tie in Brazil, and LAK Ranch in Wyoming, U.S.A. For more information, please visit our website www.mahaenergy.ca.

Important Information

Publication or distribution, directly or indirectly, of this press release could in some jurisdictions be subject to restrictions according to law and recipients of this press release, or part of it, are required to inform themselves of, and comply with, such legal restrictions. This press release is not for release, publication or distribution, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa, Switzerland or the United States, or in any other jurisdiction where distribution of this press release could be illegal or subject to legal restrictions. Copies of this press release are not being made and may not be distributed or sent, in whole, or part, directly or indirectly, in violation of such restrictions. Failure to comply with such restrictions may constitute a criminal act under the United States Securities Act of 1933 (as amended) (“Securities Act”) or applicable laws in other jurisdictions.

Attachment

• Maha Energy Reserve Update

­­­Maha Energy AB (publ)
Strandvägen 5A
SE-114 51 Stockholm
www.mahaenergy.ca

Press release
Stockholm
September 16, 2019

Maha Energy AB (publ) (“Maha” or the “Company”) Announces Operational Update and Changes in Senior Management  

7-TTG-3D-SES Update

The Company is pleased to provide the following operational update for the drilling of 7-TTG-3D-SES well (the “Well”).  After 65 days of Well drilling operations, a 12-1/4” wellbore has been drilled to the top of the Penedo oil producing formation at a measured depth of 2,889 m.  9-5/8” casing has now been successfully run and cemented in place.  An 8-1/2” vertical hole will now be drilled to an approximate depth of 3,495 m at which point the multiple stacked sandstone reservoir will be evaluated using electric logging tools.  The primary objective of this well is to evaluate and test the up to 27 separate sandstone reservoir stringers.  The extent of the Drill Stem Testing program will be determined after the electric logging results are obtained and analyzed.  The results of this Well will in turn help in determining the best field development strategy for the Tartaruga oil field.

Upon completion of the testing operations, the Well will be completed in the best producing intervals and placed on production. Thereafter, the previously drilled 107D well will be re-entered, recompleted, cleaned out and brought on production. Whilst currently the Tartaruga facility is operating at capacity handling production from the 7TTG well, when certain facility upgrades are completed it is expected that the 107D well will immediately increase production at Tartaruga; following which the 7-TTG-3D-SES well will be tied in and the permanent upgrade of the processing facility completed.

Changes to Senior Management

Effective September 16th 2019, Robert Richardson has resigned from his employment at Maha Energy Inc. to pursue other opportunities. The Company thanks Robert for his efforts over the last 2 years and wishes him the best in his new endeavors.

Adviser

Certified Advisor: FNCA Sweden AB, info@fnca.se, Telephone: +46-8-528 00 399.

For more information, please contact:        

Jonas Lindvall (CEO)
Tel: +1 403 454 7560        
Email: jonas@mahaenergy.ca

or

Ron Panchuk (CCO)
Tel: +1 403 454 7560        
Email: ron@mahaenergy.ca

Miscellaneous   

The information was submitted for publication through the agency of the contact persons set out above on September 16, 2019, at 11:30 p.m. (CET)

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser. The Company's auditors are Deloitte. The Company's predecessor Maha Energy Inc. was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North Sweden stock exchange. Jonas Lindvall, CEO and Managing Director, has 26 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth.  After 6 years at Shell and Talisman, Jonas joined, and helped secure the success of, Tethys Oil AB. Maha's strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates three oil fields, Tartaruga and Tie in Brazil and LAK Ranch, in Wyoming, U.S. For more information, please visit our website www.mahaenergy.ca.

Important Information

Publication or distribution, directly or indirectly, of this press release could in some jurisdictions be subject to restrictions according to law and recipients of this press release, or part of it, are required to inform themselves of, and comply with, such legal restrictions. This press release is not for release, publication or distribution, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa, Switzerland or the United States, or in any other jurisdiction where distribution of this press release could be illegal or subject to legal restrictions. Copies of this press release are not being made and may not be distributed or sent, in whole, or part, directly or indirectly, in violation of such restrictions. Failure to comply with such restrictions may constitute a criminal act under the United States Securities Act of 1933 (as amended) (“Securities Act”) or applicable laws in other jurisdictions.

Attachment

• 2019-09-16. 7-TTG-3D-SES Update and Rob Richardson

­­­Maha Energy AB (publ)                                                                    
Strandvägen 5A
SE-114 51 Stockholm
www.mahaenergy.ca

Press release
Stockholm
September 10, 2019

Maha Energy AB (publ) (“Maha” or the “Company”) Announces a Number of New Appointments and Roles within its Management Team including the Addition of a New Vice President Operations

Maha is pleased to confirm a number of new appointments and roles within its management team including the addition of a new Vice President of Operations.  These are part of a reorganization that will allow part of the management team to focus on the continued development of its producing assets in Brazil and others to focus on development of new opportunities for the business.  The changes are:

1.  Appointment of Alan Johnson – Vice President, Operations for the Maha Group

             
Alan graduated with a 1st Class B. Eng (Hons) from Heriot Watt University in Scotland. He is a senior oil and gas executive with more than 25 years of experience working internationally in Europe, Africa, North and South America and Australasia. His experience includes varied technical, managerial and executive roles in drilling, production, reservoir, reserves, corporate planning and asset management. Alan started his E&P career with Shell International in the Dutch North Sea. He then held positions of increasing responsibility with Shell Canada, APF Energy, Rockyview Energy, Delphi Energy, BG Australia and Caracal Energy. His last role was Vice President, Asset Management at Gran Tierra Energy managing their portfolio of assets in Colombia, Brazil and Peru. Alan is a Chartered Engineer in the UK and a Professional Engineer in Alberta.
            
Alan will assume direct responsibility for all operations in the Group.  Alan brings with him extensive international, South American and Brazilian operations and commercial experience and will provide valuable leadership as we develop our main producing assets in Brazil.
                 

2.  New Roles for Robert Richardson as Vice President – Engineering and New Ventures for the Maha Group and Ronald Panchuk as Executive Vice President Commercial, Legal         and New Business Development for the Maha Group

             
With the appointment of Alan, time will be freed up for the executive group to focus on a number of new business development projects Maha is reviewing.  Robert will continue to provide his petroleum engineering and production optimization expertise to our operations as needed – and will be responsible for all of reservoir exploitation planning.  Ron will continue in his role as legal counsel, commercial negotiator and governmental liaison for all operations as well as Secretary to the Board.
             
3.  Appointment of Victoria Berg – Manager Investor Relations and Deputy Managing Director (Interim) of Maha Energy AB
             
Victoria attended the Frans Schartau Business Institute in Stockholm, where she graduated with a Project Management Diploma and Stockholm University where she studied Communication.  Over the past ten years Victoria has had various roles coordinating and managing events and public/investor relations.  Her most recent assignment was that of a Project Manager at Laika Consulting, a Swedish Investor Relations Firm. 

With the growth of the Company and the appointment of Anders Ehrenblad as Chairman of the Board, a new position has been created to respond to the increased work load in Sweden.  Working out of our Strandvägen office, Victoria will be our interim Deputy Managing Director, primarily assisting our Managing Director with administrative work as well as investor relations and related planning.

Jonas Lindvall, CEO of the Maha Group commented:

“The growth of the Company presents new and exciting challenges requiring us to expand our capabilities.  It is with great pleasure I welcome Alan and Victoria to our team.”

Adviser

Certified Advisor: FNCA Sweden AB, info@fnca.se, Telephone: +46-8-528 00 399.

For more information, please contact:        

Jonas Lindvall (CEO)
Tel: +1 403 454 7560        
Email: jonas@mahaenergy.ca

or

Ron Panchuk (CCO)
Tel: +1 403 454 7560        
Email: ron@mahaenergy.ca

Miscellaneous   

The information was submitted for publication through the agency of the contact persons set out above on September 10, 2019, at 6:00 a.m. (CET)

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser. The Company's auditors are Deloitte. The Company's predecessor Maha Energy Inc. was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North Sweden stock exchange. Jonas Lindvall, CEO and Managing Director, has 26 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth.  After 6 years at Shell and Talisman, Jonas joined, and helped secure the success of, Tethys Oil AB. Maha's strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates three oil fields, Tartaruga and Tie in Brazil and LAK Ranch, in Wyoming, U.S. For more information, please visit our website www.mahaenergy.ca.

Important Information

Publication or distribution, directly or indirectly, of this press release could in some jurisdictions be subject to restrictions according to law and recipients of this press release, or part of it, are required to inform themselves of, and comply with, such legal restrictions. This press release is not for release, publication or distribution, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa, Switzerland or the United States, or in any other jurisdiction where distribution of this press release could be illegal or subject to legal restrictions. Copies of this press release are not being made and may not be distributed or sent, in whole, or part, directly or indirectly, in violation of such restrictions. Failure to comply with such restrictions may constitute a criminal act under the United States Securities Act of 1933 (as amended) (“Securities Act”) or applicable laws in other jurisdictions.

Attachment

• 2019-09-10 New Management Team

­­­Maha Energy AB (publ)
Strandvägen 5A
SE-114 51 Stockholm
www.mahaenergy.ca

Press release
Stockholm
September 3, 2019

Maha Energy AB (publ) (“Maha” or the “Company”) August Production Volumes

Production Volumes

The Company's aggregate sales production for the month of August totaled 102,1081 barrels of oil and 51.013 million scf of gas for a combined average production of approximately 3,568 BOE/day2, before royalties and taxes.

Brazil production progressively increased during August as both the gas and oil customers, continued with previously announced upgrading and commissioning of their facilities to take more volumes.  Oil deliveries to Petrobras from the Tie Field were affected for four days due to unscheduled maintenance at the Petrobras unloading station.  Tartaruga Field lost one day of production due to minor pump maintenance in the field.

Maha Energy holds a 75% working interest in the SES-107 Tartaruga oil and gas concession onshore Brazil.  Petrobras holds the remaining 25% and is non-operator.

1   Subject to minor standard industry adjustments at the time of custody transfer.
2   Barrels of oil equivalent ("BOE") conversion ratio of 6,000 scf: 1 bbl is used.

Adviser

Certified Advisor: FNCA Sweden AB, info@fnca.se, Telephone: +46-8-528 00 399.

For more information, please contact:        

Jonas Lindvall (CEO)
Tel: +1 403 454 7560        
Email: jonas@mahaenergy.ca

or

Ron Panchuk (CCO)
Tel: +1 403 454 7560        
Email: ron@mahaenergy.ca

Miscellaneous   

The information was submitted for publication through the agency of the contact persons set out above on September 3, 2019, at 9:00 p.m. (CET)

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser. The Company's auditors are Deloitte. The Company's predecessor Maha Energy Inc. was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North Sweden stock exchange. Jonas Lindvall, CEO and Managing Director, has 26 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth.  After 6 years at Shell and Talisman, Jonas joined, and helped secure the success of, Tethys Oil AB. Maha's strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates three oil fields, Tartaruga and Tie in Brazil and LAK Ranch, in Wyoming, U.S. For more information, please visit our website www.mahaenergy.ca.

Important Information

Publication or distribution, directly or indirectly, of this press release could in some jurisdictions be subject to restrictions according to law and recipients of this press release, or part of it, are required to inform themselves of, and comply with, such legal restrictions. This press release is not for release, publication or distribution, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa, Switzerland or the United States, or in any other jurisdiction where distribution of this press release could be illegal or subject to legal restrictions. Copies of this press release are not being made and may not be distributed or sent, in whole, or part, directly or indirectly, in violation of such restrictions. Failure to comply with such restrictions may constitute a criminal act under the United States Securities Act of 1933 (as amended) (“Securities Act”) or applicable laws in other jurisdictions.

Attachment

• 2019-09-03 Production Numbers Update

­­­Maha Energy AB (publ)
Strandvägen 5A
SE-114 51 Stockholm
www.mahaenergy.ca

Press release
Stockholm
August 23, 2019

Maha Energy AB (publ) (“Maha” or the “Company”) announces a revision to its 2019 Production Forecast, and update on Tie Field Production Commissioning

Revised Production Forecast
On March 8, 2019 the Company provided its 2019 net annual average expected production estimate of 3,990 BOPD.    Despite successful well tests in Brazil which have demonstrated a combined Company well capability in excess of 6,500 BOPD, the cumulative effect of delays in drilling, facility commissioning and regulatory approvals for its customer offtake facilities has led the Company to revise its estimate downward. The Company now estimates net annual average production of between 3,660 BOPD (-9%) to 3,300 BOPD (-17%).

The revision is mainly explained by:

Tartaruga Field – the prolonged shut down of the field due to the 107D drilling and perforating operations delayed the resumption of production at the Tartaruga Field.  The field has only produced 4 of the last 8 months in 2019. These drilling delays also had the “knock on” effect of preventing the Company from bringing the 107D Well onto production during the third quarter as originally envisaged.

Tie Field – Delays in regulatory approvals have impacted production from the Tie Field during 2019.

• Delayed regulatory approvals to commission the increased capacity at the local refinery delayed the anticipated July 800 BOPD delivery increase from 2,200 BOPD to 3,000 BOPD.
• Delayed regulatory approvals for the Petrobras Comboata oil receiving station has delayed the expected July 750 BOPD delivery increase.
• Delays in regulatory approvals and required electricity grid hook-ups from the State electricity utility has delayed the start up of the Gas to Wire (GTW) project which in turn has delayed increased oil production (because of gas flaring restrictions).

Had these approvals/commissioning occurred in July as originally envisioned, or even during the first weeks of August, the Company should have met its annual average production guidance target.  While (as announced) each of these normal course approvals are imminent – the Company is no longer confident that these approvals will now be in time to comfortably meet the 2019 Production Guidance Estimate. 

Tie Field Commissioning
All wells and production zones are now completed.  Production tests are now being undertaken to determine the gas-oil ratios of each zone in order to provide the Operators the ability to mix and match zones with oil and gas demand.  These tests are expected to be completed by the middle of September.  These tests do not impact production, but allows the Company to optimize oil and gas production.

The oil production is currently restricted due to two factors; (1) readiness of the refinery and Comboata to receive additional oil (1,550 BOPD total), and (2) the gas offtake of CDGN (the compressed gas customer) and GTW.

Subject to minor commissioning and debugging, CDGN is taking up to 60,000 m3/day of gas this week up from the previous average of 35,000 m3/day. 

GTW has mobilized 17 generators to the site.  13 of these units are now hooked up and are ready to run pending the State electricity utility final approval and commissioning which is imminent.  The remaining 4 are planned to be hooked up next week and will commence operating.  These generators have the capability to take up to 30,000 m3/day of gas. 

Jonas Lindvall commented “Naturally we are frustrated that the recent regulatory delays are now impacting our previously communicated production guidance – however the fundamentals are strong.  Our current production capacity well exceeds 6,500 BOPD; once these approvals are received, we can easily ship 5,400 BOPD at the turn of a few valves.” 

Maha Energy holds a 75% working interest in the SES-107 Tartaruga oil and gas concession onshore Brazil.  Petrobras holds the remaining 25% and is non-operator.

Adviser

Certified Advisor: FNCA Sweden AB, info@fnca.se, Telephone: +46-8-528 00 399.

For more information, please contact:        

Jonas Lindvall (CEO)
Tel: +1 403 454 7560        
Email: jonas@mahaenergy.ca

or

Ron Panchuk (CCO)
Tel: +1 403 454 7560        
Email: ron@mahaenergy.ca

Miscellaneous   

The information was submitted for publication through the agency of the contact persons set out above on August 23, 2019, at 8:00 a.m. (CET)

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser. The Company's auditors are Deloitte. The Company's predecessor Maha Energy Inc. was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North Sweden stock exchange. Jonas Lindvall, CEO and Managing Director, has 26 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth.  After 6 years at Shell and Talisman, Jonas joined, and helped secure the success of, Tethys Oil AB. Maha's strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates three oil fields, Tartaruga and Tie in Brazil and LAK Ranch, in Wyoming, U.S. For more information, please visit our website www.mahaenergy.ca.

Important Information

Publication or distribution, directly or indirectly, of this press release could in some jurisdictions be subject to restrictions according to law and recipients of this press release, or part of it, are required to inform themselves of, and comply with, such legal restrictions. This press release is not for release, publication or distribution, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa, Switzerland or the United States, or in any other jurisdiction where distribution of this press release could be illegal or subject to legal restrictions. Copies of this press release are not being made and may not be distributed or sent, in whole, or part, directly or indirectly, in violation of such restrictions. Failure to comply with such restrictions may constitute a criminal act under the United States Securities Act of 1933 (as amended) (“Securities Act”) or applicable laws in other jurisdictions.

Attachment

• 2019-08-23 Production Forecast Update

­­­Maha Energy AB (publ)
Strandvägen 5A
SE-114 51 Stockholm
www.mahaenergy.ca

Press release
Stockholm
August 2, 2019

Maha Energy AB (publ) (“Maha” or the “Company”) July Production Volumes and Operational Update

Production Volumes

The Company's aggregate sales production for the month of July totaled 88,7641 barrels of oil and 36.925 million scf of gas for a combined average production of approximately 3,062 BOE/day2, before royalties and taxes.

The previously communicated customer refinery maintenance affected the production volumes during the month of July at the Tie field as did a few minor commissioning  shut downs  at the new plant facilities.  At Tartaruga, the 7TTG well produced continuously and work continued to optimize production from this well through the month.  The drilling of 7-TTG-3D-SES well is not impacting production there. 

Operational Update

GTE-3 (Tie Field)
During July, work was completed on the GTE-3 well with the notable result that all production wells at the Tie Field are now dually completed allowing for production optimization, production redundancy and reservoir/production balancing.

7-TTG-3D-SES (Tartaruga Field)
7-TTG-3D-SES well was spudded on 12 July.  As at 1 August, the 13-3/8” casing had been set and cemented at 886 m.  The objective of this well is to delineate and test certain intervals of the Penedo sand reservoir.  To date, only four (4) of the twenty-seven (27) sandstone intervals in the Penedo sandstone has been tested and only two (2) has been placed on production.  A comprehensive evaluation program is planned for the well in order to fully evaluate the reservoir potential of the Penedo sandstone. 

Tie Field Commercial Highlights

The Company is delighted to report the many and various pieces necessary to reach its previously announced production targets for the Tie field are now in place:

• With the completion of the GTE-3 well, well deliverability at the Tie field is comfortably now in excess of 5,000 BOPD. 
   
• The Tie processing facility is capable of handling up to 5,000 BOPD and associated gas. 
   
• The Company is advised expansion of the local refinery by 800 bbl/d to allow it to take up to 3000 bbl/d of Tie crude oil is complete and awaits final commissioning and regulatory sign offs. These are currently expected in mid- September. All crude oils sales agreements for this customer are in place. This refinery currently takes up to 2200 bbl/d of Tie Field production.
   
• Crude oil sales agreements are in place with Petrobras for deliveries to the existing truck receiving station for up to 1100 bbl/d of Tie crude and to a new truck receiving station 45 km from the Tie Field  (the “New Station”) to take up to 750 bbl/d.  The Company is advised necessary facility improvements at the New Station are complete and await final regulatory sign-off which is imminent.
   
• The “gas to wire” generation facilities are now fully constructed and await final hook up with the utility that runs the Bahia state electricity grid which is imminent. Once connected, the Company will supply approximately 25% of its expected associated gas production under this gas sales contract.
   
• The Company has amended its existing compressed gas sales contract to increase the minimum gas offtake to 60,000 m3/day representing 75% of the expected associated gas produced at Tie.  The Company is advised there is currently sufficient compression capacity for these volumes on site and that minor facility upgrades for the increased volumes should be completed in time for an August start up. Once the “gas to wire” and “compression” facilities are taking the full gas volumes, the Company will have sufficient associated gas takeaway to produce up to 4850 bbl/d of oil without flaring.  (Current Brazil state flaring restrictions would otherwise limit oil production).  

Once approvals are obtained for these new third-party facilities (as above) and they are successfully commissioned – all the pieces will snap into place to allow the Company achieve the forecasted production from the Tie Field of 4850 bbl/d.

Maha Energy holds a 75% working interest in the SES-107 Tartaruga oil and gas concession onshore Brazil.  Petrobras holds the remaining 25% and is non-operator.

1   Subject to minor standard industry adjustments at the time of custody transfer.
2   Barrels of oil equivalent ("BOE") conversion ratio of 6,000 scf: 1 bbl is used.

Adviser

Certified Advisor: FNCA Sweden AB, info@fnca.se, Telephone: +46-8-528 00 399.

For more information, please contact:        

Jonas Lindvall (CEO)
Tel: +1 403 454 7560        
Email: jonas@mahaenergy.ca

or

Ron Panchuk (CCO)
Tel: +1 403 454 7560        
Email: ron@mahaenergy.ca

Miscellaneous   

The information was submitted for publication through the agency of the contact persons set out above on August 2, 2019, at 10:30 p.m. (CET)

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser. The Company's auditors are Deloitte. The Company's predecessor Maha Energy Inc. was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North Sweden stock exchange. Jonas Lindvall, CEO and Managing Director, has 26 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth.  After 6 years at Shell and Talisman, Jonas joined, and helped secure the success of, Tethys Oil AB. Maha's strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates three oil fields, Tartaruga and Tie in Brazil and LAK Ranch, in Wyoming, U.S. For more information, please visit our website www.mahaenergy.ca.

Important Information

Publication or distribution, directly or indirectly, of this press release could in some jurisdictions be subject to restrictions according to law and recipients of this press release, or part of it, are required to inform themselves of, and comply with, such legal restrictions. This press release is not for release, publication or distribution, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa, Switzerland or the United States, or in any other jurisdiction where distribution of this press release could be illegal or subject to legal restrictions. Copies of this press release are not being made and may not be distributed or sent, in whole, or part, directly or indirectly, in violation of such restrictions. Failure to comply with such restrictions may constitute a criminal act under the United States Securities Act of 1933 (as amended) (“Securities Act”) or applicable laws in other jurisdictions.

Attachment

• 2019-08-02 Production Numbers Update

­­­Maha Energy AB (publ)
Strandvägen 5A
SE-114 51 Stockholm
www.mahaenergy.ca

Press release
Stockholm
July 12, 2019

Maha Energy AB (publ) (“Maha” or the “Company”) Announces Spud of 7-TTG-3D-SES Well (Maha-1).

The Company is pleased to provide the following Operational Update from its operations in Brazil.

7-TTG-3D-SES Well (Tartaruga Field)
7-TTG-3D-SES Well (earlier designated Maha-1) was spudded today.  The Five Star Offshore Servicos e Locacoes Ltd Rig #2 commenced drilling the 7-TTG-3D-SES well, the primary objective of which is to investigate the productivity of the multiple stacked sandstone zones in the Penedo reservoir.  The secondary objective is to place the well on production upon completion of a comprehensive testing program.  Up to five zones, or combined zones, may be tested depending on logging results.  It is estimated that it will take up to sixty five days to reach the Penedo sandstone.  The testing program to evaluate the Penedo sandstone that will follow will take up to a further sixty to seventy days.  

Maha Energy holds a 75% working interest in the SES-107 Tartaruga oil and gas concession onshore Brazil.  Petrobras holds the remaining 25% and is non-operator.

Adviser

Certified Advisor: FNCA Sweden AB, info@fnca.se, Telephone: +46-8-528 00 399.

For more information, please contact:        

Jonas Lindvall (CEO)
Tel: +1 403 454 7560        
Email: jonas@mahaenergy.ca

or

Ron Panchuk (CCO)
Tel: +1 403 454 7560        
Email: ron@mahaenergy.ca

Miscellaneous   

The information was submitted for publication through the agency of the contact persons set out above on July 12, 2019, at 5:00 p.m. (CET).

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser. The Company's auditors are Deloitte. The Company's predecessor Maha Energy Inc. was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North Sweden stock exchange. Jonas Lindvall, CEO and Managing Director, has 26 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth.  After 6 years at Shell and Talisman, Jonas joined, and helped secure the success of, Tethys Oil AB. Maha's strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates three oil fields, Tartaruga and Tie in Brazil and LAK Ranch, in Wyoming, U.S. For more information, please visit our website www.mahaenergy.ca.

Important Information

Publication or distribution, directly or indirectly, of this press release could in some jurisdictions be subject to restrictions according to law and recipients of this press release, or part of it, are required to inform themselves of, and comply with, such legal restrictions. This press release is not for release, publication or distribution, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa, Switzerland or the United States, or in any other jurisdiction where distribution of this press release could be illegal or subject to legal restrictions. Copies of this press release are not being made and may not be distributed or sent, in whole, or part, directly or indirectly, in violation of such restrictions. Failure to comply with such restrictions may constitute a criminal act under the United States Securities Act of 1933 (as amended) (“Securities Act”) or applicable laws in other jurisdictions.

Attachment

• 2019-07-10 Spud of 7-TTG-3D-SES

­­­Maha Energy AB (publ)
Strandvägen 5A
SE-114 51 Stockholm
www.mahaenergy.ca

Press release
Stockholm
July 3, 2019

Maha Energy AB (publ) (“Maha” or the “Company”) June Production Volumes.

Production Volumes

The Company's aggregate sales production for the month of June totaled 81,2131 barrels of oil and 31.359 million scf of gas for a combined average production of approximately 2,881 BOE/day2, before royalties and taxes.

The Tartaruga Field began producing again on June 15 once the earlier communicated emulsion issues from the 107D well test were resolved.  At the Tie Field there were intermittent shutdowns for final hook up and commissioning of the 2018/19 expansion that affected June production volumes.

Total Brazil production on July 1st 2019 was 4,016 BOEPD.  It remains the expectation the Tie facilities will complete the planned ramp up of production to 4,850 BOPD (5,200 BOEPD) over the next few months and that Tartaruga will continue to produce at its’ current gross facility capacity of 500 – 800 BOPD (550 – 900 BOEPD). There is a planned 7 day maintenance turnaround at one of the Tie Field customer refineries in July during which Maha will recomplete GTE-3 (see below) that may affect total production in July.

Operational Update

GTE-3 (Tie Field)
Work has now started in converting the GTE-3 well from a single comingled well to a separate dual completion.  During the workover, GTE-3 will not be in production.  Upon completion, all four production and injection wells on Tie will be dually completed allowing for production redundancy and reservoir/ production-injection balancing.

7-TTG-3D-SES (Tartaruga)
A drilling rig is currently being mobilized and rigged up on the Maha-1 well (7-TTG-3D-SES) location.   The objective of this well is to delineate and test certain intervals of the Penedo sand reservoir.  To date, only four (4) of the twenty-seven (27) sandstone intervals in the Penedo sandstone has been tested and only two (2) has been placed on production.  A comprehensive evaluation program is planned for the well in order to fully evaluate the reservoir potential of the Penedo sandstone. 

Drilling is expected to take at least 60 days and subsequent reservoir evaluations and testing may take up to an additional 60 days, depending on logging results.  Spudding of the well will be the subject of a separate announcement in due course.

Maha Energy holds a 75% working interest in the SES-107 Tartaruga oil and gas concession onshore Brazil.  Petrobras holds the remaining 25% and is non-operator.

1   Subject to minor standard industry adjustments at the time of custody transfer.
2   Barrels of oil equivalent ("BOE") conversion ratio of 6,000 scf: 1 bbl is used.

Adviser

Certified Advisor: FNCA Sweden AB, info@fnca.se, Telephone: +46-8-528 00 399.

For more information, please contact:        

Jonas Lindvall (CEO)
Tel: +1 403 454 7560        
Email: jonas@mahaenergy.ca

or

Ron Panchuk (CCO)
Tel: +1 403 454 7560        
Email: ron@mahaenergy.ca

Miscellaneous   

The information was submitted for publication through the agency of the contact persons set out above on July 3, 2019, at 5:00 a.m. (CET)

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser. The Company's auditors are Deloitte. The Company's predecessor Maha Energy Inc. was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North Sweden stock exchange. Jonas Lindvall, CEO and Managing Director, has 26 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth.  After 6 years at Shell and Talisman, Jonas joined, and helped secure the success of, Tethys Oil AB. Maha's strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates three oil fields, Tartaruga and Tie in Brazil and LAK Ranch, in Wyoming, U.S. For more information, please visit our website www.mahaenergy.ca.

Important Information

Publication or distribution, directly or indirectly, of this press release could in some jurisdictions be subject to restrictions according to law and recipients of this press release, or part of it, are required to inform themselves of, and comply with, such legal restrictions. This press release is not for release, publication or distribution, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa, Switzerland or the United States, or in any other jurisdiction where distribution of this press release could be illegal or subject to legal restrictions. Copies of this press release are not being made and may not be distributed or sent, in whole, or part, directly or indirectly, in violation of such restrictions. Failure to comply with such restrictions may constitute a criminal act under the United States Securities Act of 1933 (as amended) (“Securities Act”) or applicable laws in other jurisdictions.

Attachment

• 2019-07-03 Production Numbers Update

­­­Maha Energy AB (publ)
Strandvägen 5A
SE-114 51 Stockholm
www.mahaenergy.ca

Press release
Stockholm
June 10, 2019

Maha Energy AB (publ) (“Maha” or the “Company”) Announces Operational Update and Well Test Results.

The Company is pleased to provide the following Operational Update from its operations in Brazil.

Attic Well (Tie Field)

After the initial single completion test of the comingled Agua Grande (AG) and Sergi reservoir zones in the Attic Well in the Tie Field, the well was recompleted using a dual 2-3/8” tubing completion.  This work is now complete and the well has now preliminary tested 2,932 BOEPD.  Initial free flowing tests from the Sergi and AG formations were 985 BOPD (1,088 BOEPD) and 1,726 BOPD (1,844 BOEPD) respectively with neither zone making any noticeable water. Of significance is that the AG had to be choked back (restricted) at 38/64” with 360 psi of tubing pressure due to surface equipment limitations. Suggested theoretical Initial Productivity Volumes for the AG may exceed 3,000 BOPD1.  The well will now be produced at approximately 2,000 BOPD and 1,200 MSCFPD (~2,200 BOEPD) to match production targets and balance production from all wells. The Company is now scaling up production from the Tie Field to achieve the month-end sales target exit rate of 4,050 BOPD. 

Additional Sales Volume

Work is continuing to finalize an Agreement to sell an additional 750 BOPD from the Tie Field.  The Company is hopeful this will be in place by the beginning of July, at which point the Company will have agreements at the Tie Field to sell oil to the market for up to 4,850 BOPD.  It is the objective of the Company to achieve a 4,500 – 5,000 BOPD production plateau for the Tie Field over the next 3 years.

The additional associated gas that will be produced with the increased oil will also need to be sold to the local market.  To that extent, the Company continues to work with two vendors to establish the most efficient and reliable offtake arrangement.  At this time, the Company is not expecting oil production to be affected due to insufficient gas off-take arrangements.

GTE-3

With the excellent results from the Attic Well, the Company will now complete the workover that was started in the summer of 2018 to convert GTE-3 to a dual producer.  At that time, a stuck pressure plug made it impossible to produce both strings. To maximize production, the AG and Sergi were commingled up a single string to allow the current (and significantly constrained) production rate of about 900 BOPD.  This workover will reconfigure the well to the intended dual completion so that production volumes can be increased and optimized.  The workover is expected to start at the end of June and will take approximately 2 weeks to complete.  During this time, GTE-3 will not produce any oil but production will be off-set by both GTE-4 and the Attic well.

When the GTE-3 workover is completed, all three wells on the Tie Field will be dually completed, allowing each well to independently control and produce the Sergi and AG producing zones.  At that point, well deliverability will exceed the current offtake and plant capabilities.

GTE-4

The workover to convert GTE-4 is planned and ready to execute when the need arises.  This operation will allow the well to be jet pumped to greatly increase flow but is currently unnecessary due to the deliverability of the other wells.

107D (Tartaruga Field)
As earlier announced on May 6, 2019, the 3-1/2” liner was successfully perforated using a Coiled Tubing Unit.  Subsequent well clean up and testing operations resulted in a continuous free flow of approximately 80 BOPD, 50 BWPD and 33 MSCFPD over a test period of seven days.  Due to excessive emulsion problems (of the produced fluid) and surface handling constraints (insufficient tank volumes and heater treater limitations) the well test was stopped before the well was completely cleaned up.  The fact that the well flowed unassisted to surface whilst still unloading large volumes of completion brine and drilling fluids is very encouraging.  Once the well is properly cleaned out and is allowed to flow without restrictions larger flow volumes are expected.

Jonas Lindvall, CEO of Maha commented: “The current results seen on 107D are very encouraging.  The fact the well is free flowing with substantial volumes of drilling mud and completion water suggests strong reservoir pressure.  We are looking forward to completing the clean out operations and returning 107D to production as soon as the Surface Facilities can handle the new volumes.”

The plan is now to return the 7TTG well on production, which is expected to fill the Tartaruga processing facility to capacity, and at the same time commence upgrading the Tartaruga production facilities to 2500 BOPD.  Once the plant is ready to handle the higher volumes, the 107D well will be placed on production.

1 The Theoretical Initial Productivity Volumes are calculated using surface measured pressures only and hence are estimates only.  Note that 6,000 SCF is equivalent to 1 bbl of oil

Adviser

Certified Advisor: FNCA Sweden AB, info@fnca.se, Telephone: +46-8-528 00 399.

For more information, please contact:        

Jonas Lindvall (CEO)
Tel: +1 403 454 7560        
Email: jonas@mahaenergy.ca

or

Ron Panchuk (CCO)
Tel: +1 403 454 7560        
Email: ron@mahaenergy.ca

Miscellaneous   

This information is published in accordance with the EU Market Abuse Regulation and/or the Swedish Financial Instruments Trading Act. The information was submitted for publication through the agency of the contact persons set out above on June 10, 2019, at 9:00 p.m. (CET)

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser. The Company's auditors are Deloitte. The Company's predecessor Maha Energy Inc. was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North Sweden stock exchange. Jonas Lindvall, CEO and Managing Director, has 26 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth.  After 6 years at Shell and Talisman, Jonas joined, and helped secure the success of, Tethys Oil AB. Maha's strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates three oil fields, Tartaruga and Tie in Brazil and LAK Ranch, in Wyoming, U.S. For more information, please visit our website www.mahaenergy.ca.

Important Information

Publication or distribution, directly or indirectly, of this press release could in some jurisdictions be subject to restrictions according to law and recipients of this press release, or part of it, are required to inform themselves of, and comply with, such legal restrictions. This press release is not for release, publication or distribution, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa, Switzerland or the United States, or in any other jurisdiction where distribution of this press release could be illegal or subject to legal restrictions. Copies of this press release are not being made and may not be distributed or sent, in whole, or part, directly or indirectly, in violation of such restrictions. Failure to comply with such restrictions may constitute a criminal act under the United States Securities Act of 1933 (as amended) (“Securities Act”) or applicable laws in other jurisdictions.

Attachment

• 2019-06-10 Operational Update